Worth reading
66In focus
Scored from 4 of 6 sectionsDirection
Deterioration
Direction inferred from the company’s description.Scale
1.5
YearWording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Summary of Q&AFiscal year ending March 2026, full year8 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net SalesAmount not stated+8.0%
Operating profitAmount not stated+6.0%
Gross Profit MarginAmount not stated
Operating profit margin>50
Full-year earnings forecast
Net SalesUp 8% year on year
Operating profitUp approximately 6% year on year
GuaranteesNet increase of approximately ¥130 billion for the year
Guarantee fee rateSlight increase
Cost of salesFlat to slightly lower
What the company explained in this material
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Proprietary data and barriers to entry: The company explained that it independently collects closed transaction data and changes in contractual terms, which competitors cannot easily replicate.
- Guarantee fee rates: The company explained that the rate of increase in corporate bankruptcies and the severity of customers' concerns about the future determine how easily fee rates can be raised.
- Current fiscal year outlook: The company explained that it expects guarantee obligations to increase by approximately ¥130 billion net for the year, while factoring in a decline in ticket size and the costs of increasing headcount.
- Medium-term plan: The delay in sales caused by the decline in sales personnel is expected to delay achievement of the targets by at least 1.5 years.
- AI and partner sales: Development and partnerships are progressing but are not yet complete, and no contribution to results is factored into the current fiscal year's forecast.
- Shareholder returns: The company returns excess capital after deducting a risk buffer and growth investments, and will continue its high shareholder-return policy for the time being.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Build-up of guarantee obligationsNet increase of approximately ¥130 billion for the year
- Guarantee fee rateSlight increase
- Cost of salesFlat to slightly lower
- Increase in headcountApproximately 50 people annually
New initiatives
- Development of an AI function that explains the basis for corporate bankruptcy probabilities and guarantee fee rates
- Expansion of a partner sales model with accounting firms and other partners
- Building a system that allows contracts to be completed entirely via smartphone
Key KPIsA metric the company considers important as a management benchmark.
- Number of corporate bankruptciesUp 13.4% year on yearYear on year against the same period last yearUp 13.4% year on year
- Number of corporate bankruptciesUp 3.5% year on yearYear on year against the same period last year3.5% increase
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Average guarantee fee rate and average ticket sizeThe decline in ticket size is factored into the budget
- GuaranteesNet increase of approximately ¥130 billion for the year
Medium-term management plan targets
Target value¥20 billion in revenue and ¥10 billion in ordinary profit
Comparison with actual resultsAchievement is expected to be delayed by at least approximately 1.5 years
Number of employees
Number of EmployeesApproximately 90 in the sales division and around 40 new hires
Changes during the period and hiring planIncrease headcount by approximately 50 people annually
Payout ratio
Rate100 %
| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | 非開示 (YoY +8.0%) |
| Operating profit | 非開示 (YoY +6.0%) |
| Gross Profit Margin | 非開示 |
| Operating profit margin | >50 |
| Full-year earnings forecast | Net Sales Up 8% year on year / Operating profit Up approximately 6% year on year / Guarantees Net increase of approximately ¥130 billion for the year / Guarantee fee rate Slight increase / Cost of sales Flat to slightly lower |
| Key KPIs | Indicator name Number of corporate bankruptcies / Value Up 13.4% year on year / Year on year against the same period last year Up 13.4% year on year, Indicator name Number of corporate bankruptcies / Value Up 3.5% year on year / Year on year against the same period last year 3.5% increase |
| Unit price and quantity metrics | Indicator name Average guarantee fee rate and average ticket size / Value The decline in ticket size is factored into the budget / Year on year against the same period last year Not disclosed, Indicator name Guarantees / Value Net increase of approximately ¥130 billion for the year / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees Approximately 90 in the sales division and around 40 new hires / Changes during the period and hiring plan Increase headcount by approximately 50 people annually |
| Assumptions Underlying the Business Outlook | Item Build-up of guarantee obligations / Value Net increase of approximately ¥130 billion for the year, Item Guarantee fee rate / Value Slight increase, Item Cost of sales / Value Flat to slightly lower, Item Increase in headcount / Value Approximately 50 people annually |
| Medium-term management plan targets | Target value ¥20 billion in revenue and ¥10 billion in ordinary profit / Target fiscal year Not disclosed / Comparison with actual results Achievement is expected to be delayed by at least approximately 1.5 years |
| Payout ratio | Rate 100 % / Total payout ratio Not disclosed / DOE Not disclosed |
| Key points of the Q&A | Proprietary data and barriers to entry: The company explained that it independently collects closed transaction data and changes in contractual terms, which competitors cannot easily replicate., Guarantee fee rates: The company explained that the rate of increase in corporate bankruptcies and the severity of customers' concerns about the future determine how easily fee rates can be raised., Current fiscal year outlook: The company explained that it expects guarantee obligations to increase by approximately ¥130 billion net for the year, while factoring in a decline in ticket size and the costs of increasing headcount., Medium-term plan: The delay in sales caused by the decline in sales personnel is expected to delay achievement of the targets by at least 1.5 years., AI and partner sales: Development and partnerships are progressing but are not yet complete, and no contribution to results is factored into the current fiscal year's forecast., Shareholder returns: The company returns excess capital after deducting a risk buffer and growth investments, and will continue its high shareholder-return policy for the time being. |
| New initiatives | Development of an AI function that explains the basis for corporate bankruptcy probabilities and guarantee fee rates, Expansion of a partner sales model with accounting firms and other partners, Building a system that allows contracts to be completed entirely via smartphone |
Items this document does not state (16)
Ordinary incomeNet incomeSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planSegment resultsBreakdown of Factors Affecting the ChangeNumber of stores and locationsRisk amount incorporated into the outlookFinancial targetsAnnual DividendAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / Share
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The decline in sales personnel in the fiscal year ended March 2025 caused a sales shortfall, and recovering that shortfall is considered very difficult. For the current fiscal year's budget, the company also cited a decline in average ticket size resulting from an increase in highly creditworthy transactions, as well as personnel and recruitment costs associated with increasing headcount by approximately 50 people annually.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.